When the cardinals sent billowing white smoke from their conclave and elected Jorge Mario Bergoglio as Pope Francis I, little did the Catholic Church realize that two millennia of ecumenical liturgy might come unraveled on the heresy of offshore banking regulations. Among the many frustrations that drove Pope Benedict XVI to take early retirement was his role as guardian angel of the Institute for the Works of Religion (the formal title for the Vatican Bank), which can no longer get past compliance questions by answering that its beneficial owner is “the Almighty.”  read more »

Our country is six years into the Great Recession, the biggest economic downturn since the Great Depression. It’s been replete with reports of home foreclosures, collapsing commuter towns, and young people struggling to become home owners. The term “generation rent” is often used in the media to describe the struggles of aspiring young people.    read more »

There are grains of reality, misreporting and exaggeration in the press treatment of a report on driving trends by USPIRG. The report generated the usual press reports suggesting that the millennial generation (ages 16 to 35) is driving less, moving to urban cores, and that with a decline in driving per capita, people are switching to transit.  read more »

One of Orange County's top executives asked me over lunch recently why Southern California has not seen anything like the kind of tech boom now sweeping large parts of the San Francisco Bay Area. In many ways, it is just one indication of how this region – once seen as the cutting edge of American urbanism – has lost ground not only to its historic northern rival, but also to some venerable East Coast cities, as well as the boom towns of Texas and the recovering metropolitan areas of the Southeast.  read more »

The US Census Bureau has reported that eight of the fifteen 2011-2012 fastest-growing municipalities with at least 50,000 population were in Texas. Three of them were in the Austin metropolitan area. San Marcos, south of Austin, grew the fastest in the nation at 4.9 percent. Cedar Park, located in Austin's northern suburbs, ranked fourth in growth at 4.7 percent while Georgetown, also north of Austin grew 4.2 percent and ranked seventh.  read more »

The information industry has long been a darling of the media — no surprise since the media constitutes a major part of this economic sector, which includes publishing, software, entertainment and data processing. Yet until the last few years, it has been a sector in overall decline, with almost 850,000 jobs lost since 2001. The biggest losses have been in telecommunications (half a million jobs gone since 2001) and print publishing (books, newspapers, magazines), which lost 290,000 jobs — 40% of its 2001 job base.  read more »

There are interesting developments being played out in the Rust Belt. Some cities, like Detroit, seem to be embarking whole hog down the creative class path. Others, like Pittsburgh, have their own thing going on, a thing loosely delineated as the “Rust Belt Chic” model of economic development, with no modest amount of success. How a given Rust Belt city reinvests will have a large say in its future.  read more »

In the wake of the post-2008 housing bust, suburbia has become associated with many of the same ills long associated with cities, as our urban-based press corps and cultural elite cheerfully sneer at each new sign of decline.  read more »

The Ohio suburb of East Cleveland abuts the core city to its west and north, and in terms of physical appearance the boundary between the two is indistinct. A century ago, the City of Cleveland unsuccessfully attempted to annex East Cleveland on two occasions. These days, Cleveland is unlikely to perceive its eastern neighbor as much of a catch. East Cleveland fell on hard times during the deindustrialization that took place throughout the Cuyahoga Valley: since 1970, it has lost more than half of its population. Nearly 40% of the 2010 population falls below the poverty level.  read more »

It's been two decades since California Gov. Pete Wilson used grainy ads of undocumented immigrants – "They keep coming" – as an effective means of stoking fear of newcomers and assuring his re-election. Yet, increasingly America's immigration realities are moving far beyond the mojado paradigm of the 1990s in ways that challenges the stereotypes of both conservatives and progressives.  read more »